Applicant
Craigmore Farming NZ LP
Case number(s)
201410034
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date9 June 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 205 hectares of land at Mouse Point, Waiau River, Canterbury (Caithness Farm).
Consideration$7,650,000
ApplicantCraigmore Farming NZ LP
United Kingdom Public (36%)
Hong Kong Public (17%)
New Zealand Public (10%)
Various overseas persons (37%)
VendorGarry Allan Derrick
New Zealand (100%)
Background

Caithness Farm is situated near other properties owned by the Applicant in the Culverden area. The Applicant intends to carry out extensive development to realise the full potential of the farm and its associated farming operations. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater productivity and efficiency
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access
17(2)(f) – Offer to gift riverbed to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic interests
28(j) – Oversight and participation by New Zealanders

More informationChristina Lefever
Duncan Cotterill
PO Box 5
CHRISTCHURCH